VIENNA, June 7 (NNN-AGENCIES) – The Organisation of the Petroleum Exporting Countries (OPEC), and its allies, led by Russia, known as OPEC+, agreed on Saturday, to extend the historic 9.7 million barrels per day (bpd) production cut, till the end of July, 2020.
All participants of the 11th OPEC and non-OPEC Ministerial Meeting, held online, agreed to extend the cut of 9.7 million bpd, in May and June by one further month, according to a statement published on OPEC’s website.
The meeting recognised that the output cut carried out in May had helped garner “tentative signs of a recovery” in the global economy and oil market.
It noted that global oil demand was still expected to contract by around nine million bpd for the whole of 2020.
In order to closely review the energy market and observe the implementation of the agreement, the Joint Ministerial Monitoring Committee (JMMC) is to meet monthly until Dec, 2020, with the next JMMC meeting set for June 18, said OPEC.
The meeting also decided that the next OPEC and non-OPEC Ministerial Meeting will convene in Vienna on Dec 1, 2020.– NNN-AGENCIES
